Account nameClassic
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
ProviderLloyds Bank
Account fee£0
ATM withdrawal limit£500
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Minimum operating balance£1
Minimum opening balance£1
Direct debits
Current account switch guarantee
Cheque Book

Lloyds Bank was established in Birmingham in 1765. It is a British retail and commercial bank with branches throughout England and Wales. In 2009, it became the principal subsidiary of Lloyds Banking Group, which was formed by the acquisition of HBOS by Lloyds TSB Group.

This review takes a detailed look at the Lloyds Classic current account.

What is the Lloyds Classic current account?

The Lloyds Classic current account enables you to carry out all of your everyday banking transactions with no monthly fee.

You can manage your account 24/7 and it comes with a contactless Visa debit card. The account can be opened on an individual or joint basis.

How does it work?

With the Lloyds Classic account, you’ll be able to enjoy the following key features:

  • No monthly fee. There’s no monthly maintenance fee for this account.
  • Instant access to your money. 24/7 mobile, Internet and telephone banking are available, or you can head to your nearest branch.
  • Cash withdrawals. You can withdraw up to £500 a day from any cash machine in the UK.
  • Text message alerts. You’ll get alerts sent straight to your phone so you can keep track of your finances.
  • Everyday Offers. Sign up and you’ll get up to 15% cashback when using your debit card at selected retailers.
  • Arranged overdraft. You can apply to add an arranged overdraft to your account. Interest is charged at 39.9% EAR (variable).

Who is it for?

To be eligible for the Lloyds Classic account, you will need to be at least 18 years old and a UK resident. It could suit anyone looking for a simple bank account with no monthly charges.

What are the benefits?

Some of the main benefits of this account include the lack of a monthly fee, the option to apply for an overdraft and the chance to earn cashback on some of your spending.

How to apply

If you’re an existing Lloyds customer, you can apply for the Classic account through Internet banking.

If you’re a new customer, you can apply online and you should get a decision within 10 minutes. You’ll need to provide some details about yourself, including your name, address and date of birth as well as proof of identity such as a UK passport or driving licence. In some cases, you may have to provide proof of address.

Is it safe?

Yes, Lloyds is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person or up to £170,000 for joint accounts.

Pros and cons of the Lloyds Classic current account


  • No monthly fee
  • Overdraft available
  • Earn up to 15% cashback on spending
  • FSCS protection
  • 24/7 banking


  • Interest is charged on overdrafts
  • Limited account features
  • No interest is paid on balances

Our verdict: Is the Classic current account from Lloyds Bank worth it?

If your banking needs are fairly straightforward and you’re after a simple, everyday bank account, the Lloyds Classic account is certainly worth exploring.

However, there are also many other everyday bank accounts that are worth comparing first to make sure you’re happy with your decision. If you need an overdraft, for example, the Halifax current account offers a 6-month interest-free overdraft for new customers.

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